REACH 568 - What are your views on the latest enhancements to the HDB flat portal? What else can be done to improve the sustainability of our public housing market?
(SK)
13 May 2024 (10am - 7pm)
REACH
13/5/24, 9:43 am - +REACH: *Dear contributors,*
Welcome back! ๐
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Megan ๐
13/5/24, 10:00 am - +REACH: ๐ข *Topic* ๐ข
Owners of Housing Board flats or their property agents will have the option to list their homes for sale on the HDB Flat Portal from May 13.
The latest enhancement to the portal, which aims to streamline the process of buying and selling a flat, seeks to provide buyers and sellers access to secure property transactions as well as improved services by property agents, HDB said.
๐ฌ *What are your views on the latest enhancements to the HDB flat portal? What else can be done to improve the sustainability of our public housing market?*
_*More details on the latest enhancements:*_
๐ *_Ensuring transparency:_*
Buyers will need an HDB Flat Eligibility (HFE) letter – which indicates their eligibility to buy a flat, receive grants as well as financing options – to schedule viewings with sellers. HDB said this will improve user experience and ensure transparency as the resale flat listing service aims to become a trusted listing marketplace for genuine buyers and sellers. The service would help to sieve out buyers and sellers who are not genuine as sellers must have an intent to sell to list their units on the portal.
๐ *_Promoting a sustainable property market_*
Each seller can post only one flat listing, so that there are no duplicate listings. Sellers will be prompted if their listing price is at least 10 per cent above the highest transacted price of similar units nearby in the past six months or if their price is abnormally low. This is so they can make an informed decision on their listed price, which promotes a more sustainable property market in the long run. HDB also said it reserves the right to remove listings which have unrealistic pricing or contain misleading information.
๐ *_One stop platform for buyers and sellers_*
To make the HDB Flat Portal a “one-stop platform” for buyers, the resale flat listing service will be integrated with financial calculators, loan listing services and information on the buyer’s HFE letter. HDB said buyers can also compare resale flat listings with new Build-To-Order flats on aspects such as price and remaining lease, so that they can consider both options holistically and make more informed decisions on their flat purchase.
๐ https://www.straitstimes.com/singapore/housing/sellers-can-list-their-flats-on-hdb-flat-portal-from-may-13
๐ https://www.straitstimes.com/singapore/housing/what-you-need-to-know-about-hdb-s-resale-flat-listing-service
13/5/24, 10:00 am - ~ REACH Singapore changed this group's settings to allow all members to send messages to this group
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13/5/24, 10:54 am - +REACH: *Dear Contributors*
We want to *HEAR MORE* from you!
๐ฌ *What are your views on the latest enhancements to the HDB flat portal? What else can be done to improve the sustainability of our public housing market?*
We have had good feedback from this group, and we hope that we can keep the discussion robust and active!
Megan ๐
13/5/24, 12:23 pm - +REACH: *Dear Contributors*
We want to *HEAR MORE* from you!
๐ฌ *What are your views on the latest enhancements to the HDB flat portal? What else can be done to improve the sustainability of our public housing market?*
We have had good feedback from this group, and we hope that we can keep the discussion robust and active!
Megan ๐
13/5/24, 1:33 pm - +Kenneth Lee WM: i think it's unnecessary and a waste of resources as there are already well established portals out there.
Gov shouldn't be competing with Singaporean SMEs. Just to fix a couple of brick brats in pricing, doesn't justify spending tax payer's money to set up a whole new portal. Furthermore, so what if the seller wants to ask for extraordinary prices for their HDB flats or if a buyer is willing to pay a lot of COV. Willing buyer, willing seller.
As long as gov builds enough new flats and don't let the price of new flats run awry, rest of market would fall in line. Right now, looking at the trend of new flat prices it seems to be tied to median salary of avg Singaporean. As salary goes up, price of new flat goes up proportionately without looking at the absolute numbers. <This message was edited>
13/5/24, 1:38 pm - +Anne: The downside is it will delay the sale of the flats. What is happening now is the prospective buyers will view the flats without HFE letters, and once they receive the HFE letters they can quickly schedule for any final viewings of their interested flats that are still available before making any offers.
Agents may love this but sellers and buyers who want to transact fast don’t.
13/5/24, 1:40 pm - +SL: Ensuring transparent, good for buyers and sellers
13/5/24, 1:44 pm - +SL: With the prompting, it will allow the sellers to understand the overall market price @ surrounding blocks, understand the trending, and go for a stabilized price.
13/5/24, 1:49 pm - +SL: The one-stop platform promotes green sustainability by reducing duplicated platforms and enhancing privacy and cybersecurity; buyers, sellers, and agents all use the same platform, and platform owners can save their maintenance costs /development costs by providing similar services.
13/5/24, 2:00 pm - ☸️ Danny ๅฟ:
1. I feel that one of the hot button issue that is bothering Singaporeans and the Government want to address is the high HDB flat prices in the resale market that will affect the new BTO market - as new flats are also contingent on the price around the areas in which the new flats will be built on.
2. Increasing the supply of more HDB flats will bring down the HDB flats - whether resale or new BTO flats ---- as the basic economic market principle is - when supply exceed demand - prices will fall.
3. But timely and correct market information must be an important variable to guide genuine buyers and sellers - else manipulated prices will lead to distorted market - and lead to inflated prices or deflated prices - rather than the prevailing market prices.
13/5/24, 2:00 pm - +REACH: ๐ข *Topic* ๐ข
13/5/24, 2:17 pm - ☸️ Danny ๅฟ:
1. I have often received agent's supplied fliers in my letter box - that quote prices that are sold by the agents and the listed prices for resale flats to be sold.
2. Often the prices are very high.
3. I even received hand written notes that they are eager buyers - and said they are willing to pay above market prices to buy flats at our areas --- many are PRs or going to married couples who are desperate to get the flats in our areas.
4. Hence, I will support the Government initiative to come out with the HDB Portal for buyers and sellers to list their flats ---- as after all, HDB is the trusted official sources and creator that plan, design, build, buy and sell HDB flats.
5. In addition, HDB portal is a Web place that ensure only genuine buyers and sellers are registered to list and transact their properties - with real transparency as HFE eligibility cert need to be produced - and cut out "ghost buyers or sellers" who are used to manipulate and inflate the HDB prices.
As a neutral referee, HDB portal can remove unrealistic price setting that far deviate from the prevailling market price - and hence eliminte speculative activities in the HDB flat transaction - and bring the HDB prices to a more sanity level.
6. And property agents are not removed from this process (if i have read the text correctly) - as HDB flat buying and selling is a complicated process and also involve legal procedures.
As such agents will be useful in helping buyers and sellers complete the buying and selling transaction in a professional manner without hiccups.
7. I believe this HDB Web portal could help to bring down HDB prices to a more rational market price - but will require a few months to see the actual result - and fine tune it as it goes along.
13/5/24, 2:22 pm - ☸️ Danny ๅฟ: <Media omitted>
13/5/24, 2:26 pm - +Kenneth Lee WM: Having a portal will not stop price increases.
If new flats price don’t increase and supply meet demand, price of resale won’t go up.
Why should I pay so much more if I only need to wait 1 yr for a new flat?
It’s because of covid and insistence of getting sufficient demand before new flats are built that demand far out strips supply causing the current high prices.
13/5/24, 2:27 pm - +Kenneth Lee WM: Recall the period when too many new hdb flats were built? Price of resale went down.
13/5/24, 2:29 pm - +Kenneth Lee WM: Hdb is currently on the right track (in terms of supply) but it takes time for the new flats to come online. Now only if they do away with the policy that must hv x% of buyers before they start to build new flats. That policy is too conservative. <This message was edited>
13/5/24, 2:31 pm - +Kenneth Lee WM: Or lower the current x% threshold
13/5/24, 2:31 pm - +Thank You Woman: ็พๆฏๅบๅจ็พ่บซไธ, if the BTO and land bidding are so expensive……
13/5/24, 2:32 pm - ☸️ Danny ๅฟ:
One-piece ERP 2.0 unit for motorbikes cannot be used in cars due to 'greenhouse effect': Chee Hong Tat.
On a hot day, temperatures on a car dashboard can hit 50 to 52 degrees Celsius, said the Minister for Transport.
https://www.channelnewsasia.com/singapore/erp-2-motorcycle-land-transport-authority-4320806
13/5/24, 2:32 pm - +~.@: i like this idea based on several elements.
1. as it is, there appears to be no fees (until later date i guess), which helps seller to save the 2% and buyer the 1% agent fee
2. it helps to be sure that both buyer and seller have the proper paperwork in place. right now, buyers who don't have the loan approval typically will get filter out by the agents to avoid wasting seller time. but i encountered seller who open for viewing without registering their intent to sell. the intent to sell, after filing, will have a one week cool off period, only after that one week can the option to purchase be issued. which means the seller can still fish around asking for higher prices after i have made an offer.
13/5/24, 2:38 pm - ☸️ Danny ๅฟ: <Media omitted>
13/5/24, 2:38 pm - ☸️ Danny ๅฟ: <Media omitted>
13/5/24, 2:54 pm - ☸️ Danny ๅฟ:
Else when drivers walk with their smartphone with GPS turn on - going to their office, go lunch etc, ERP price continue to charge.
Turning off GPS on the smartphone is a big chore - close to 10 steps.
Most people won't know how to do it - as GPS can only be turn off based on phone apps - but physically the GPS chip cannot be turn off - unless physically switch off the phone.
13/5/24, 3:03 pm - ☸️ Danny ๅฟ:
Smartphone use as display unit rather than replacing the obu is feasible.
Except the challenge of screen saver come on, need passcode to open, need to activate ERP 2.0 apps, when someone call the handphone - disruption occur, people SMS or WhatsApp etc.
Also if forget to remove the smartphone from the car dashboard, the smartphone will be fried due to the high temperature - as most if not all IT equipment are not AEC-Q100 compliant - cost will be too high and not relevant in the context of IT equipment.
Hence make more sense to install the display unit that are able to withstand the high temperature. <This message was edited>
13/5/24, 3:10 pm - +SL: Starting with a platform to make sure buyers and sellers are genuine is a good start to regulating transaction norms
13/5/24, 3:20 pm - +~l or Smiley face: 13 May, 2024
"Normalisation: Who need agents or agencies to buy or to sell homes?"
"New Agent & Agency: Controlling crucial information and numbers and Managing fair trade for sellers and buyers is one reason (a few more reasons) for HDB to step in as intermediary to set the correct footing of a fair, transparency on top of the COV or going forward, unintendedly over time COV will be irrelevant. Most important of all is a trusted government managed portal to transact HDB flats whereby genuine sellers and potential buyers meet in this safer, secured and legitimate portal to deal."
-- anonymity
13/5/24, 3:24 pm - +~l or Smiley face: What else can HDB performs and provides in this novel idea of a public housing portal for the benefits of mutiways and measurable results and outputs for sellers and buyers of flats? Over promising or under stated or over priced or under valued; it will be sorted out before an advertisement is allowed to be posted onto this portal, T&C applicable.
13/5/24, 3:31 pm - ☸️ Danny ๅฟ:
Also why the 3 pieces ERP 2.0 unit look bulky - because it is ruggedised to withstand vibration, shock, heat, dust - and ensure its lifespan due to fragile electronics part, chips.
Hence it doesn't look nice and elegant compare to a nicely design smartphone or tablets.
13/5/24, 3:32 pm - ☸️ Danny ๅฟ: <Media omitted>
13/5/24, 4:05 pm - +Andy: I have my doubts about the portal (I'm not a property agent). Let's see how many sellers will list their property come 13th May as all sellers want to sell record prices right? So when there are not many listings in the portal, it'll become a white elephant.
All sellers want to sell the highest price they can get and all buyers will want the lowest price. Is a willing seller and buyer market. Nobody is forced into a contract and there is a cooling off period before exercise the option.
Just look at those million dollar flats transactions, they are in a so-called good location, near so-called good schools, big units like EA/EM or Jumbo. Do we really think they will list in this portal?
Of course I don't deny that some agents do advertised bogus units in private property portals like property guru, 99.co etc to get leads. Having said that with the regulator CEA in place for many years already, there are majority ethical, knowledgeable and good agents in the industry.
Please ask ourselves, if 1 day u want to sell your flat. At what price would u want to list your unit at and eventually want to let go at what price? And if we want to do a lease buy back option from HDB, wouldn't we want to have a higher price so that we can get more money from it?
Of course having a healthy supply of new flats will help to somehow regulate the prices of the resale flats but for those ๐ฅ flats I'm sure more record prices will come. Look at bishan flats, they are already quite old but still selling at very high prices due to it's location, schools like RI, RGS, Catholic high, Ai Tong even Pei Chun is within 1km depending which block u buy. Or those HDB terraces, I think no banks will give the buyer any loan as the units left not many years of lease but once there is a unit to sell, it'll be gone in no time.
HDB definitely is on the right track to ramp up the supply and also find space in matured estate for BTO so that our young people have a chance to buy instead of resale flats with HIGH prices. Having said that, when our young people complete the MOP they will also want to sell record price lah. So there is no end to this issue.
13/5/24, 4:08 pm - +REACH: ๐ข *Topic* ๐ข
13/5/24, 4:19 pm - +SL: This is currently the best idea to manage several risks and reduce speculative activities that will harm genuine groups. I believe HDB will have new measurements for regulations when circumstances change.
13/5/24, 4:22 pm - +SL: Transparency will help in chasing away speculative activities. By the way, is this new platform mandatory for transactions to be completed in hdb?
13/5/24, 4:27 pm - +~l or Smiley face: Bye bye half of property guru volumes???
If public housings transactions is half of any guru of property platforms, perhaps it is the beginning of a new paradigm shift....?
13/5/24, 4:27 pm - +SL: ๐ฑ
13/5/24, 4:28 pm - +~l or Smiley face: Cyber revolutions !
13/5/24, 4:28 pm - +~l or Smiley face: Perhaps, the future improvements should be a one stop full-time accessible portal connectiing owners with HDB for options such lease buybacks and other useful links.
It will be a data analytics driven platform showing real time markets for sales and rentals for homes and shop units and upcoming opportunities of resale, leftover units out of balloting, and BTO showcase photos of rooms layout and compass direction, 360 video of projects and units for sales from HDB and owners.
13/5/24, 4:29 pm - +SL: As part of our Smart Nation initiative?
13/5/24, 4:30 pm - +SL: Other countries should learn from Singapore on this initiative.
13/5/24, 4:34 pm - +~l or Smiley face: How is the architecture of an integrated AI TEAM?
Chief Technology & Transformation Officer
Chief Sustainability Office
Structural engineer
System engineer
Ops engineer
Security engineer
Hardware engineer
software engineer
Coding technicians
Close Collaboration with third party vendors such as MS, OAI, NVIDIA, AMD for key solutions and after implementation backup 24/7/365 services
13/5/24, 4:38 pm - ☸️ Danny ๅฟ:
HDB resale portal.
https://www.smartnation.gov.sg/initiatives/digital-government-services/hdb-resale-portal/
13/5/24, 4:38 pm - +~l or Smiley face: This message was deleted
13/5/24, 4:39 pm - +~l or Smiley face: Scaling AI or GAI or SLM or LLM is a hit or miss. More so like a game of chance!
"If you hit it, you got it.
If you missed it, you still have to go after it"
-- anonymity
The key challenges is the ever evolving and emerging new ways, new technologies and evolutionary of machinery that's firstly hardwares and followed by softwares integration into a ultimate GAI of size and scale with 99% scalability and security settings to determine the best way out of each task from external threats and internally lacking of datasets and data in progress!
13/5/24, 4:41 pm - +~l or Smiley face: Where are the specific and truely talents of now and the interns of tomorrow embarking onto this superhighway of digitisation???
13/5/24, 4:42 pm - ☸️ Danny ๅฟ: <Media omitted>
13/5/24, 4:43 pm - ☸️ Danny ๅฟ:
Got sellers listing their flat through HDB web portal.
Eg. I enquire on 1 specific block - got 4 sellers listing their flats to sell.
13/5/24, 4:44 pm - ☸️ Danny ๅฟ:
Doesn't look like a white elephant.
13/5/24, 4:46 pm - ☸️ Danny ๅฟ:
Also this pricing look more reasonable unlike those pricing I got from agent fliers - which are much higher prices.
13/5/24, 4:46 pm - +Frankie Wee: Those price has been sold $1m
13/5/24, 4:47 pm - ☸️ Danny ๅฟ: <Media omitted>
13/5/24, 4:48 pm - ☸️ Danny ๅฟ:
See the ridiculous high prices in the flier compare to the HDB web portal register list price?
13/5/24, 4:48 pm - +Frankie Wee: Maybe agnet make up price
13/5/24, 4:49 pm - ☸️ Danny ๅฟ:
This are distorted market pricing information - that drive insanity in HDB market transaction.
13/5/24, 4:49 pm - ☸️ Danny ๅฟ:
That's why got to eliminate distorted and inflated prices.
13/5/24, 4:51 pm - +Nic Freehold: Distorted prices more likely for Lentor new condo launches
13/5/24, 4:51 pm - +Nic Freehold: 10% is a cap or just a warning? But still let the listing through
13/5/24, 4:52 pm - +Frankie Wee: Can’t ease price itself marketing sold
13/5/24, 4:53 pm - +Frankie Wee: People bough price not going to bubble or crisis economy
13/5/24, 4:54 pm - +Nic Freehold: IMHO even HDB themselves charge $3000 extra per floor for BTO
So a warning is good but not a cap to allow free market forces
13/5/24, 4:54 pm - +Frankie Wee: Up to people can buy
13/5/24, 4:54 pm - ☸️ Danny ๅฟ:
Observe the phenomenon in share prices - due to market manipulation.
Share prices can be drive up or down by manipulation or distorted shares practices.
Likewise, flats pricing can also be manipulated and distorted by playing the market through pricing information.
This is how players play the market in a market economy.
Hence 2 elements must always be present to prevent sanity in pricing and market manipulation:-
1. Ensure supply exceed demand - price will go down.
2. Ensure correct market pricing information - not inflated, not speculative and not pricing manipulation - hence transparent correct pricing information is the best tool to fight pricing distortion.
This HDB move is a correct marketing and economic move. <This message was edited>
13/5/24, 4:54 pm - +Frankie Wee: Knowning that inflation index going upwards not all downward
13/5/24, 5:00 pm - +Andy: This is the resale transaction prices which are already many years in place. Now we need to see come 13th May, how many sellers will list their property for sale in the portal.
13/5/24, 5:01 pm - ☸️ Danny ๅฟ:
Ok let us see the outcome and see how.
Now not sure the response.
13/5/24, 5:05 pm - +Andy: If I'm not wrong, this agent checks the resale prices from HDB then uses the info for the flyer. If is not true, the regulator CEA will go after the agent and license is at stake.
13/5/24, 5:09 pm - ☸️ Danny ๅฟ:
Btw, I login to the HDB resale flat for a particular block to see if anyone is selling their flats.
It show me 4 flats - 1 4r, 3 5rm.
Resale registration date - some in 2022, 2023 and some recently in 2024.
They are still active and not yet sold.
And their prices look reasonable - $600k for 5 room and $480k for 4 room.
60 years lease look reasonable.
Not like the fliers say $800k above - highly inflated.
13/5/24, 5:11 pm - +Andy: If all of us can just stay put in our HDB and not just want to upgrade to private property (not saying is wrong) then hope to sell our HDB at the highest price then probably can slow down the increase. And for those who can afford to buy a condo and keep your HDB good on u.
13/5/24, 5:15 pm - +Frankie Wee: Not all because some of them downgrade and set aside for retirement CPF and some of them price sell price high they will pay their child University or master fee
13/5/24, 5:15 pm - +Andy: <Media omitted>
13/5/24, 5:17 pm - ☸️ Danny ๅฟ:
I see.
Yes I know some transactions 1 million plus are real.
But my estates not 1 million.
I am quite sure.
13/5/24, 5:18 pm - +SL: This already saves 1/2 the transaction time; the new platform may save more time. ๐
13/5/24, 5:18 pm - +Andy: <Media omitted>
13/5/24, 5:19 pm - +SL: Human-machine partnership
13/5/24, 5:20 pm - ☸️ Danny ๅฟ:
I can't find the news article that publish estates that fetch 1 million and above.
My estate is definitely not one of them.
Hence i can't reconcile what the fliers say and what news article say. <This message was edited>
13/5/24, 5:21 pm - ☸️ Danny ๅฟ:
https://theindependent.sg/68-hdb-flats-resold-for-over-s1m-in-april-alone-is-this-cause-for-concern/
68 HDB flats resold for over S$1M in April alone: Is this cause for concern?
13/5/24, 5:21 pm - ☸️ Danny ๅฟ:
Oops I found it.
13/5/24, 5:21 pm - ☸️ Danny ๅฟ: <Media omitted>
13/5/24, 5:22 pm - +SL: @Danny ๐ you may accidentally expose your neighborhood if that is the location nearby you stay..
13/5/24, 5:22 pm - +SL: It affects the buyer behaviors as wrong information is fed to them….
13/5/24, 5:22 pm - ☸️ Danny ๅฟ:
Hahaha...
Never mind.
I am not an important person of interest.
So no worries.
13/5/24, 5:27 pm - +Andy: Humans are greedy. If I know the market now can sell a million I also want to, however buyers are not stupid also. They will buy only if it suits their needs and wants be it size of the flat, near schools and amenities, MRT and near town.
13/5/24, 5:29 pm - +SL: You are right; there is a bargain and offer here; if sellers are constrained in time to sell the hdb unit, they will be more willing to mark to market; if sellers are to test the water, they can put 100% above the market rate.
13/5/24, 5:32 pm - ☸️ Danny ๅฟ:
Exactly that market pricing information can be manipulated and drive up housing price - leading to market distortion.
In a market economy, this is typically how players play the market for maximum profit.
Hence:-
1. Demand and supply
2. Right market information
Are 2 tools to prevent manipulation, exploitation, speculation.
Hence what HDB is doing is correct.
Except whether if sellers will want to list their properties in HDB web portal is another issue.
But buyers can play the market right by going to HDB web portal and buy from there.
This will pressure sellers to list their properties in HDB web portal if they genuine needed to sell their flats.
Overtime, the flat market distortion will correct by itself. <This message was edited>
13/5/24, 5:41 pm - +Jimmy Chew: Willing ridiculous buyer and unwilling seller or undecided seller. My friend sold his HDB flat because the buyer is so interested in his flat design. The buyer offered him a price he said would be stupid not to accept. <This message was edited>
13/5/24, 5:42 pm - +Jimmy Chew: When he told me the price. I agreed with him. I would accept it too
13/5/24, 5:44 pm - +Nic Freehold: higher prices help retirees
13/5/24, 5:44 pm - +Nic Freehold: If we examine the whole market, the biggest price rises increases are those MOP
13/5/24, 5:45 pm - +Jimmy Chew: He went to stay in a walk up and his kids missed the neighborhood kids in his former HDB flats <This message was edited>
13/5/24, 5:45 pm - +Andy: I sincerely hope u are right with the portal. I'm not confident ๐
There will always be buyers buying at the highest price and sellers will keep trying for records ๐
13/5/24, 5:46 pm - +Nic Freehold: why not just tax MOP capital gains
After + 1 year = 10%
+2 = 7%
+ 3 = 5%
+4 = 3%
+ 5 years= 1%
13/5/24, 5:47 pm - +Nic Freehold: I had in my Facebook proposed the PRIME scheme 5 years ago
13/5/24, 5:47 pm - +SL: Not everything things can resolved at 1 time
13/5/24, 5:48 pm - +Nic Freehold: Old >40years HDB flats are not responsible for price inflation
13/5/24, 5:48 pm - +Nic Freehold: If I ran HDB I would have produced such data sets
13/5/24, 6:01 pm - +REACH: ๐ข *Topic* ๐ข
13/5/24, 6:04 pm - +Nic Freehold: actually does HDB encourage BTO owners to sell immediately after BTO?
13/5/24, 6:04 pm - +Nic Freehold: MOP
13/5/24, 6:04 pm - +Nic Freehold: 2nd question is 32000 agents will lose much income after loss of foreigner market
13/5/24, 6:05 pm - +Nic Freehold: How can they feed themselves and their families
13/5/24, 6:05 pm - +Nic Freehold: Double whammy
13/5/24, 6:11 pm - ☸️ Danny ๅฟ: <Media omitted>
13/5/24, 6:11 pm - ☸️ Danny ๅฟ: <Media omitted>
13/5/24, 6:12 pm - ☸️ Danny ๅฟ:
Are all these pricing true or deceptive?
13/5/24, 6:12 pm - +Nic Freehold: Agents often get $ after 3-9 months after completion of deal
13/5/24, 6:12 pm - ☸️ Danny ๅฟ:
If deceptive, no wonder buyers are trick to pay high prices.
Hence there is a need to tackle misleading pricing information.
13/5/24, 6:13 pm - +Andy: Probably true, should be taken from HDB resale prices
13/5/24, 6:14 pm - +Nic Freehold: Actually before buyers buy, sellers could have asked for even crazy prices
13/5/24, 6:14 pm - +Andy: Can always end it to CEA for the regulator to check
13/5/24, 6:17 pm - ☸️ Danny ๅฟ:
I think authority should check because based on what I know, my estates don't fetch 1 million over or close to 1 million.
Except 1 enbloc hudc.
Else all my neighbours will be talking about it.
Also news article has say none of the flats here are sold at 1 million. <This message was edited>
13/5/24, 6:19 pm - +Andy: <Media omitted>
13/5/24, 6:21 pm - ☸️ Danny ๅฟ:
Oh is it got 2.
I think not my estate.
Opposite the road.
13/5/24, 6:21 pm - +Jimmy Chew: My friend asked for a crazy price and the buyer says okay. Because he's a man of his words he says he has to sell
13/5/24, 6:21 pm - +Andy: Got more than 2 is just screenshot can capture 2
13/5/24, 6:21 pm - ☸️ Danny ๅฟ:
I see...
13/5/24, 6:22 pm - +Andy: <Media omitted>
13/5/24, 6:23 pm - ☸️ Danny ๅฟ:
Central is far away from my estate. It is near nex. <This message was edited>
13/5/24, 6:24 pm - +Andy: Especially those bigger units in a good location command very high prices as HDB no longer builds it. Look at the old 4/5 room size and now, that's why people want to buy resale flats.
13/5/24, 6:25 pm - ☸️ Danny ๅฟ:
My is a 5 room flat - I don't think it will fetch a million or close to a million. <This message was edited>
13/5/24, 6:25 pm - +Andy: Hahaha where is yours ave 3 or 4
13/5/24, 6:26 pm - ☸️ Danny ๅฟ: 1
13/5/24, 6:27 pm - +Andy: <Media omitted>
13/5/24, 6:28 pm - ☸️ Danny ๅฟ:
I see.
They are maisonette.
13/5/24, 6:29 pm - +Andy: <Media omitted>
13/5/24, 6:29 pm - +SL: 425 sersnggon ave 1 ~ 925k for a 5R
13/5/24, 6:30 pm - ☸️ Danny ๅฟ:
Yes.
Around this price is reasonable.
13/5/24, 6:30 pm - +REACH: ๐ข *Gan Kim Yong to become DPM in cabinet reshuffle announced by incoming Prime Minister Lawrence Wong*
More: https://www.channelnewsasia.com/singapore/singapore-cabinet-reshuffle-gan-kim-yong-promoted-dpm-lawrence-wong-prime-minister-4331501
13/5/24, 6:30 pm - ☸️ Danny ๅฟ:
Wow!
13/5/24, 6:30 pm - +SL: Jan 2024 transaction
13/5/24, 6:31 pm - ☸️ Danny ๅฟ:
Price getting ridiculous.
13/5/24, 6:31 pm - +Andy: <Media omitted>
13/5/24, 6:32 pm - ☸️ Danny ๅฟ:
60 years lease close to million a bit ridiculous.
No wonder people start complaining.
13/5/24, 6:34 pm - +Suma pamu: Just read all msgs.
So HDB thinking To control prices just by using a website?
Sorry i feel its kind of funny LOL. Isn't it willing buyer n willing seller?
How many actually Buying resale,in that how many are PRs,?
Anyone if think through, can guess,
If BTO in Punggol is stll 3xx-4xx, instead of waiting who are ready to pay 6xx plus for 4rm resale?I
What's the reason?
When They make rules like CPF restrictions for older flats, and Not allowing downgraders to buy Big flats,
What did they achieved?
Isn't it wrong move, to push more buyers to Just MOP flats, thus making Those unaffordable and eventually older flats too seeing high prices?
What's the point to control Citizens, just because downgraders, but allow Rich And high income PRs to buy Resale HDBs?
If central Locations price high means, less btos, extremely low supply wr can understand,
How can a Punggol 4rm flats asking 600k plus?
10% higher value is another silly thing,
Some newer estates more transactions, the price jumps in a month 4 folds, so can we justify this 10% higher transactions.
Just One news about HDB caught PRs who bought RESALE hdbs, because they did false declaration, will make the market to stabilise,
People will get scared to do false declarations, either PRs or new Citizens :)
13/5/24, 6:34 pm - +Rama: https://www.threads.net/@wakeupsingapore/post/C655exXrIzi/?xmt=AQGzN1ouBTeNoRp4UJimm5J-z4h6-8eHza7sKpINp8Zebg
13/5/24, 6:35 pm - +SL: Block 255 also the same price same month
13/5/24, 6:36 pm - +SL: E rest in Seranggon abv 1m are executive
13/5/24, 6:36 pm - +Suma pamu: People looking at Million dollar flats,
And ignoring non mature estates too Selling record high 4rms
Is more scary thing,
800k plus Yishun 5rm is more scary thing
Than Bishan 1mil
13/5/24, 6:38 pm - +Suma pamu: Becz mature estates very less new home supply, the people who forced to buy Newly Mop flats paying Record braking prices,
With nearby record transactions, old ones too started asking high prices..
13/5/24, 6:39 pm - +SL: 348b, yishun avenue 11, 5R - 875k
13/5/24, 6:39 pm - +SL: Happen in 2022 may for this dbss
13/5/24, 6:39 pm - +Suma pamu: Yes Recently took a potential PR downgrader, after seeing one unit,i told her better Buy Woodlands yishun Old Condo than this HDBs.
13/5/24, 6:40 pm - +Suma pamu: Not only DBSS
Sembawang Yishun Just MOP hdbs asking similar prices
13/5/24, 6:41 pm - +SL: I know yishun multi-G and executive priced abiv 1m
13/5/24, 6:41 pm - +SL: Did know hdb also ask near 900k
13/5/24, 6:41 pm - +Suma pamu: For us when we buying, with MSR can nt even afford 550k Hdbs
Becz of MSR
Who are buying 800k in Yishun?
Rich Newly wed/going to wed young Couples, Or Rich PRs whoz salaries are super high
13/5/24, 6:41 pm - +Nic Freehold: Many old 4br size larger than most new 5 room flats, yet under priced in city
13/5/24, 6:42 pm - +Nic Freehold: BTO MOP are responsible for most price rise
13/5/24, 6:42 pm - +Nic Freehold: The crazy yishun woodlands are new hdb
13/5/24, 6:42 pm - +Nic Freehold: Thus lease decay is over blown
13/5/24, 6:43 pm - +Suma pamu: To control resale HDB
Must impose Income ceiling,
And Stop PRs (or atleast Rich PRs) buying HDBs
13/5/24, 6:43 pm - +Nic Freehold: How many new BTO MOP can be sold? Limited supply surely price rise
13/5/24, 6:44 pm - +Suma pamu: With out doing this, To acheive Stablity in HDB, just with a portal is Funny and time waste thing (where i am suspecting Many lisitings will be QUOTA affected unit)
13/5/24, 6:45 pm - +Suma pamu: Yes Punggol takes the lead here,
And then woodlands, Yishun,
13/5/24, 6:45 pm - ☸️ Danny ๅฟ:
I think the solution - supply exceed demand will drive price down.
13/5/24, 6:46 pm - +SL: Is the lor 1 Tao payoh 5m @ block 139A of 1568888 still the record holder?
13/5/24, 6:46 pm - +Suma pamu: Yes
But no one can built more.houses in a month or so,
13/5/24, 6:48 pm - +Suma pamu: 1.588 boontiang rd is highest if i remember correctly
But there was one more i think 1.6mil plus (marketing or just sold, can nt remember)
13/5/24, 6:50 pm - +Suma pamu: If HDB is public housing,
If its main aim is Affordable housing to everyone
Then To achieve this they should limit rich buying and exploiting the market (but Seniors should not be penalised, like Senior downgraders should have option to buy any hdb flat, How many seniors are rich actually?)
They are not the ones, causing market going up.
13/5/24, 6:52 pm - +Rama: Affordable has gone through the roof!๐ณ๐คฆ♂️๐
13/5/24, 6:54 pm - +Suma pamu: Focus should be Not on Million dollor flats,
Rather how Every where its becoming unaffordable!!
I hope HDB release data How many PRs bought in Recent yrs, whats their income level, did The HDB checked their applications thouroughly,
How many of u think RICH PR never own house in their home country, ?
Just did false declaration, Did hdb caught any single PR? Did they do Random Check (they can simply check PRs who bought HDB, despite having high income,?)
If this data released
Everything will change.
This is my understanding as agent on ground.
13/5/24, 6:56 pm - +Khuan Yew: I’m questioning why the government/ HDB feels that it has to “fix” the situation since there are already many real estate portals online that provide this service. How much does it cost HDB to setup and maintain this portal and isn't it paid for by taxpayers money? why does the government need to compete with the private companies to provide such a "solution". Can't it let the markets find a solution?
13/5/24, 6:57 pm - +Rama: ๐ณ๐คฆ♂️๐
13/5/24, 6:57 pm - +Suma pamu: I am not blaming anyone, rather saw Low income, middle income suffering because of a system exploited by Rich
13/5/24, 6:57 pm - +Rama: This I agree!
13/5/24, 6:57 pm - +Suma pamu: They said For Time being its freez
I guess soon once demand raises they will put charge per lisiting basis๐
13/5/24, 6:58 pm - +Suma pamu: And Because of Some arrogant unethical agents, now all of our rice bowls at risk
13/5/24, 6:59 pm - +~l or Smiley face: <Media omitted>
13/5/24, 7:14 pm - +Darius Lee: I hope this will help stabilise HDB prices. But what might this mean for other platforms like PropertyGuru or SRX?
13/5/24, 7:30 pm - +Suma pamu: We are forgetting here one important thing,
Even if seller advertised only 10% higher than of recent transactions,
If more buyers offering same price, eventually seller asks more and more.
So this does not stabilise prices, rather creats more demand,
looking low prices, many buyers will enquire the lisitng, and view and offer the price.
:)
(Its like a marketing technique used by agents, we put price starting from if seller asks us to sell ASAP. Rather than putting high price and scare buyers, this technique is Very useful, if one want to sell units Faster)๐
13/5/24, 7:40 pm - +Nic Freehold: Some agents have problem getting paid after selling.
Owners who may have agreed with buyer and agents but abuse the system by selling again through this system to avoid the agent fees need to be punished
13/5/24, 7:45 pm - +Jack Sparrow: The implementation of HDB Portal seems to suggest that high resale HDB prices are cause by improper property portals but economics tell us it is more likely a case of supply and demand.
Agree with other members here that even if sellers list 10% within market rate, seller can ask for more COV from potential buyers to seal the deal. Will this end up COVs not captured in resale prices and go under table?
13/5/24, 7:46 pm - +REACH: *Dear Contributors,*
⏰ We will be closing the chat in *15 minutes* ⏰
Thank you very much for being part of our WhatsApp chat and participating actively.
Goodnight!
Megan ๐
13/5/24, 7:46 pm - +Frankie Wee: Govt going to invite more foreigners into Singapore skill job or investment become PR so they can direct to resale HDB
13/5/24, 7:47 pm - +Frankie Wee: Singapore local is shrink do we need gain size population to gain workforce and building nation of sg
13/5/24, 7:47 pm - +Nic Freehold: It’s the rules. 5 year MOP earn $200-500k sure want to apply and get married
13/5/24, 7:47 pm - +Nic Freehold: I never even got bite of cherry
13/5/24, 7:48 pm - +Nic Freehold: Some remarry
13/5/24, 7:48 pm - +Frankie Wee: PR can buy resale HDB value market
13/5/24, 7:48 pm - +Nic Freehold: Did they get 2-3 bites
13/5/24, 7:49 pm - +Frankie Wee: Why need stable price there will be more competition price index who PR willing to pay more
13/5/24, 7:49 pm - +Frankie Wee: EP or SP converted PR since they stay longer period
13/5/24, 7:51 pm - +Jack Sparrow: The concern of public housing prices getting out of reach of Singaporeans is real. This portal is not getting to the root of the issue. For upcoming new HDB projects, they should really be restricted to selling back to HDB so it is a clear not-for-profit asset but can perhaps consider help to cover inflation cost. <This message was edited>
13/5/24, 7:51 pm - +Rama: Hope your remarks take root
13/5/24, 7:53 pm - +Frankie Wee: Believe competitive
13/5/24, 7:53 pm - +Suma pamu: Bang on
13/5/24, 7:54 pm - +Frankie Wee: It won’t stable price
Since hard time why not ask fair progress wage to upsize right salary
13/5/24, 7:54 pm - +Frankie Wee: Cost equal inflation level
13/5/24, 7:55 pm - +Frankie Wee: Singapore economy enterprises will continue to grow and productivity example assist Ai with humanity job
13/5/24, 7:56 pm - +Frankie Wee: Everyone has credit skillfuture $4k mid career we should learn to upgrade
13/5/24, 7:58 pm - +Frankie Wee: I don’t think wisely stable price HDB because your CPF accrued interest is high when sell need to refundable the amount you used OA bough direct housing plus scheme
13/5/24, 8:00 pm - +Frankie Wee: When economy is crisis will surely price go down.
13/5/24, 8:01 pm - +REACH: *Dear Contributors,*
We will be closing the chat for today.
Thank you very much for being part of our WhatsApp chat and participating actively.
Goodnight!
Megan ๐
13/5/24, 8:01 pm - ~ REACH Singapore changed this group's settings to allow only admins to send messages to this group
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